Gold Medal Karate Inc

Analysis

Gold Medal Karate Inc is a registered charity in United States, based in Philadelphia, PA. It received its IRS tax-exemption ruling in May 2000, 26 years ago. Its declared purposes cover recreation and sports, which this site groups under amateur sport and recreation. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Gold Medal Karate Inc reported income of $3.6m and spending of $3.5m, spending 97% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $805k to $3.6m (+347%), an average of +45% a year. The sharpest change came in the year to June 2020, when income rose by 73%. Over the whole period it spent 92% of the income it received.

Among 30,892 United States charities whose main cause is amateur sport and recreation and that reported income, Gold Medal Karate Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 90th percentile, and in the 89th percentile within PA. Charities of a similar size with the same main cause include Pensacola Interstate Fair Inc ($3.6m), Special Olympics Hawaii Inc ($3.6m) and Grand Valley Premier Soccer Club ($3.6m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 77% and program service revenue 23% of the total. Other salaries and wages came to $1.9m. At year end it held assets of $1.6m against liabilities of $1.5m, net assets of $70k. It reported 86 employees.